The U.S. housing market is experiencing a notable shift as prices begin to fall across many metropolitan areas, with more than half of homes selling below their asking prices. The ongoing affordability crisis and high interest rates are contributing to a deep freeze in market activity, with existing home sales dipping to a nine-month low. As sellers become increasingly desperate to offload properties, significant price cuts are being reported, particularly in pandemic-era boomtowns. The majority of new home prices are seeing reductions, especially in large U.S. cities, reflecting a growing demand-supply mismatch. Experts warn that the pain for homeowners may just be beginning, suggesting that this downturn may lead to further challenges for builders and investors. While some areas are showing signs of a gradual recovery, the overall outlook remains uncertain as buyers gain the upper hand in this cooling market.